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Even though shares have moved higher, the valuations are great and this Zacks #1 Rank (Strong Buy) is poised for another run.
Company Description
Park-Ohio Holdings provides supply management services and manufacturing for engineered products. The company has 29 manufacturing and 52 logistic facilities.
Crushed Expectations
On Nov 8 Park-Ohio reported quarterly sales of $203 million, up 20% since the same period in 2009. Net income came in at $6.2 million, which is a strong turnaround from the $3.2 million loss a year go.
The covering analyst was not just surprised, they were shocked. The company earned 60 cents per share, more than 3 times the 19 cents the estimate was calling for. This was Park-Ohio's fourth consecutive earnings surprise.
Bullish Comments
Park-Ohio's Chairman and CEO commented that the company has been very busy in the past quarter booking new orders, which is now up about 50% year-to-date.
Also, the acquisition of Assembly Component System, which took place during the quarter, will add over $50 million in revenue next year.
Estimates Soar
Currently, expectations for this year's earnings are $1.10, up 19 cents since the quarterly news. Next year's forecast is calling for $1.54, up 29 cents.
The growth rate for this year is off the chart, coming up from a 7-cent loss in 2009. The projection for 2011 is for 40% growth.
Valuations
Right now shares of PKOH are going for about 12 times next year's earnings estimates. The price to sales is coming in at 0.27 times, showing solid value.
The Chart
Shares of PKOH were up nicely on the earnings surprise, but hit a wall when the stochastic hit "overbought" territory. However, the stock has taken a breather and could be poised for another move higher.
Bill Wilton is the Aggressive Growth Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Small Cap Trader service
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